2025-08-04T06:58:49-05:00 2024-09-30 333709623 COHNREZNICK ADVISORY LLC 500 EAST PRATT STREET 4TH FLOOR BALTIMORE MD 21202 990 2023-10-01 264342371 DALLAS DEVELOPMENT FUND DALL 2146701222 1500 MARILLA STREET 6DN DALLAS TX 752016318 HEATHER LEPESKA SECRETARY 2146701222 2025-08-01 1 1 LORI ROTHE YOKOBOSKY P01273422 4107834900 2025-07-31 2023 2025-03-06 01:10:19Z DREXELL OWUSU 1500 MARILLA STREET 6DN DALLAS TX 752016318 1555131 0 X HTTP://WWW.DALLAS-ECODEV.ORG/ X 2009 TX AIDING, ASSISTING, & ACTING ON BEHALF OF THE CITY OF DALLAS, TEXAS IN THE PERFORMANCE OF ITS GOVERNMENTAL FUNCTIONS TO PROMOTE THE COMMON GOOD AND GENERAL WELFARE OF THE CITY. 7 7 0 7 0 0 0 0 597846 1550106 5025 5025 0 0 602871 1555131 0 0 0 0 0 0 0 0 0 569090 720982 569090 720982 33781 834149 5575362 6114649 923587 628725 4651775 5485924 X SEE SCHEDULE OTHE DALLAS DEVELOPMENT FUND IS ORGANIZED FOR THE PURPOSE OF AIDING, ASSISTING, AND ACTING ON BEHALF OF THE CITY OF DALLAS, TEXAS IN THE THE PERFORMANCE OF ITS GOVERNMENTAL FUNCTIONS TO PROMOTE THE COMMON GOOD AND GENERAL WELFARE OF THE CITY, INCLUDING, WITHOUT LIMITIATION, FOR THE BENEFIT OF, AND TO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM TO BE MADE AVAILABLE FOR INVESTMENT IN LOW-INCOME COMMUNITIES. 0 0 342173 1550106 SEE SCHEDULE OTO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY OF DALLAS, TEXAS BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM TO BE MADE AVAILABLE FOR INVESTMENT IN LOW-INCOME COMMUNITIES. THE ORGANIZATION HAS RECEIVED $240 MILLION OF NEW MARKETS TAX CREDIT ALLOCATION TO DATE. THIS RESOURCE IS BEING USED TO PROVIDE CAPITAL TO JOB-GENERATING ECONOMIC DEVELOPMENT PROJECTS WITHIN THE ECONOMICALLY DISTRESSED AREAS OF DALLAS, PARTICULARLY IN SOUTHERN DALLAS. THESE STRATEGIES COMPLEMENT EXISTING CITY EFFORTS TO COMBAT UNEVEN DEVELOPMENT PATTERNS THAT HAVE HISTORICALLY CONCENTRATED NEW COMMERCIAL ACTIVITY IN NORTH DALLAS, AND TO USE TRANSIT-ORIENTED DEVELOPMENT PRINCIPLES TO CREATE ACCESSIBLE URBAN VILLAGE CENTERS IN DISINVESTED NEIGHBORHOODS. DDF'S FINANCING PRODUCTS FEATURE SUCH ATTRIBUTES AS BELOW-MARKET INTEREST RATES, HIGHER THAN TYPICAL LOAN-TO-VALUE RATIOS, AND/OR PROVISION OF EQUITY. TO DATE, DDF HAS CLOSED $222 MILLION IN NMTC FINANCING AS OF 9/30/2024. 342173 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 1 0 1 0 0 0 0 1 1 1 0 0 0 0 1 1 X HEATHER LEPESKA 2146701222 1500 MARILLA ST ROOM 6DN DALLAS TX 752016318 DORA ZAPATA DIRECTOR 0.50 X 0 0 0 DREXELL OWUSU TREASURER 0.50 X X 0 0 0 EDWARD OKPA OUTGOING DIRECTOR 0.50 X 0 0 0 GILBERT GERST OUTGOING PRESIDENT AND DIRECTOR 1.00 X X 0 0 0 MICHAEL HORNE DIRECTOR 0.50 X 0 0 0 NADIA SALIBI DIRECTOR AND VICE PRESIDENT 0.50 X X 0 0 0 SANTIAGO BELLO DIRECTOR 0.50 X 0 0 0 SHERIDAN NIXON DIRECTOR 0.50 X 0 0 0 TERRY KITTLESON DIRECTOR 0.50 X 0 0 0 HEATHER LEPESKA SECRETARY 16.00 24.00 X 0 149809 9650 0 149809 9650 0 0 1 0 SB FRIEDMAN DEVELOPMENT ADVISORS LLC 70 W MADISON STREET SUITE 3700 CHICAGO IL 60602 CONSULTING 283149 1 SUBALLOCATION FEE 525990 1240000 1240000 MANAGEMENT FEE INCOME 523940 297551 297551 NMTC REIMBURSEMENT INC 525990 12500 12500 INCOME FROM INVESTMENT 525990 55 55 1550106 5025 5025 1555131 1550106 0 5025 X 58160 58160 283149 283149 33829 33829 CITY OF DALLAS SERVICES 310000 310000 LOAN FORGIVENESS 26750 26750 LOAN LOSS PROVISION 5423 5423 BANK FEES 2069 2069 1602 1602 720982 342173 378809 0 4090805 4645115 533 534 24385 24453 1459639 1444547 5575362 6114649 148203 31929 37500 37500 737884 559296 923587 628725 X 4651775 5485924 4651775 5485924 5575362 6114649 834149 0 X X 0 1 X 1 0 X X 1 CITY OF DALLAS 756000508 6 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ASSET MGMT FEE RECEIVABLE 265669 INVESTMENT IN LLCS 9518 NOTES RECEIVABLE 419360 EQUITY EQUIVALENT FINANCING 750000 1444547 UNEARNED REVENUE 54933 DUE TO AFFILIATE 504363 559296 X PART X, LINE 2: THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES, EXCEPT FOR UNRELATED INCOME, IF ANY, UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE IRC. FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023, THE ORGANIZATION DID NOT HAVE ANY UNRELATED BUSINESS INCOME. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. DALLAS DEVELOPMENT FUND MANAGEMENT LLC, DDF ZULU LLC, DDF I LLC, DDF II LLC, DDF III LLC, AND DDF IV LLC HAVE ELECTED TO BE TREATED AS PASS-THROUGH ENTITIES FOR INCOME TAX PURPOSES AND, AS SUCH, ARE NOT SUBJECT TO INCOME TAXES. THEIR FEDERAL TAX STATUS AS PASS-THROUGH ENTITIES IS BASED ON THEIR LEGAL STATUS AS LIMITED LIABILITY COMPANIES. ACCORDINGLY, THESE SUBSIDIARIES ARE NOT REQUIRED TO TAKE ANY TAX POSITIONS IN ORDER TO QUALIFY AS PASS-THROUGH ENTITIES. AS WHOLLY-OWNED SUBSIDIARIES OF THE ORGANIZATION, DALLAS DEVELOPMENT FUND MANAGEMENT LLC, DDF ZULU LLC, DDF I LLC, DDF II LLC, DDF III LLC, AND DDF IV LLC ARE DISREGARDED FOR INCOME TAX PURPOSES. EFFECTIVE OCTOBER 1, 2013, DALLAS DEVELOPMENT FUND HOLDINGS, LLC ELECTED TO BE TREATED AS A C-CORPORATION FOR INCOME TAX PURPOSES AND THUS ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH THE LIABILITY METHOD AS REQUIRED UNDER GUIDANCE FROM THE FASB ON ACCOUNTING FOR INCOME TAXES AS INTERPRETED BY CLARIFYING GUIDANCE ISSUED BY THE FASB. UNDER THE LIABILITY METHOD, TAX RATES ARE APPLIED TO CUMULATIVE TEMPORARY DIFFERENCES BASED ON HOW THEY ARE EXPECTED TO AFFECT THE TAX RETURN. DEFERRED TAX ASSETS AND LIABILITIES ARE ADJUSTED FOR TAX RATE CHANGES. UNDER THE GUIDANCE, INCOME TAX BENEFITS ARE RECOGNIZED AND MEASURED BASED UPON A TWO-STEP MODEL: 1) A TAX POSITION MUST BE MORE LIKELY THAN NOT TO BE SUSTAINED BASED SOLELY ON ITS TECHNICAL MERITS IN ORDER TO BE RECOGNIZED, AND 2) THE BENEFIT IS MEASURED AS THE LARGEST DOLLAR AMOUNT OF THAT POSITION THAT IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON SETTLEMENT. THE DIFFERENCE BETWEEN THE BENEFIT RECOGNIZED FOR A POSITION IN ACCORDANCE WITH THIS MODEL FOR FINANCIAL STATEMENTS AND THE TAX BENEFIT CLAIMED ON A TAX RETURN IS REFERRED TO AS AN UNRECOGNIZED TAX BENEFIT. DALLAS DEVELOPMENT FUND HOLDINGS, LLC ACCRUES INCOME TAX-RELATED INTEREST AND PENALTIES, IF APPLICABLE, WITHIN PROVISION FOR INCOME TAXES. NO DEFERRED TAX ASSETS, INCLUDING NET OPERATING LOSS CARRYFORWARDS, OR LIABILITIES HAVE BEEN RECOGNIZED AS DALLAS DEVELOPMENT FUND HOLDINGS, LLC DOES NOT HAVE FUTURE TAX CONSEQUENCES ATTRIBUTABLE TO DIFFERENCES BETWEEN THE FINANCIAL STATEMENT CARRYING AMOUNT OF EXISTING ASSETS AND LIABILITIES AND THEIR RESPECTIVE TAX BASES. NO PROVISION FOR INCOME TAXES HAS BEEN RECOGNIZED FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023, AS DALLAS DEVELOPMENT FUND HOLDINGS, LLC DOES NOT HAVE ANY ACTIVITY. DALLAS DEVELOPMENT FUND HOLDINGS, LLC HAS NOT TAKEN ANY TAX POSITIONS THAT WOULD CREATE UNRECOGNIZED TAX BENEFITS. FOR INCOME TAX PURPOSES, THE ORGANIZATION AND SUBSIDIARIES REPORT ON A SEPTEMBER 30 FISCAL YEAREND BASIS. INCOME TAX RETURNS FILED BY THE ORGANIZATION AND SUBSIDIARIES ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2021 REMAIN OPEN. 0 0 0 0 0 0 0 0 0 PART I; LINE 3 THE CITY OF DALLAS (EIN: 75-600058) IS THE RELATED ORGANIZATION THAT DETERMINES COMPENSATION FOR HEATHER LEPESKA. THE CITY OF DALLAS COMPENSATION UNIT ENSURES THAT EMPLOYEE SALARY SCHEDULES ARE APPROPRIATE THROUGH CONDUCTING MARKET ANALYSES, SURVEYS, AND THE EXCHANGE OF INFORMATION WITH EXTERNAL ORGANIZATIONS. THE CITY PLACES JOBS ONTO THE SALARY SCHEDULE BASED ON THE AVERAGE MIDPOINT OF MARKET COMPARATORS, AND EMPLOYEES THEN MOVE THROUGH THAT RANGE BASED ON PERFORMANCE. FORM 990, PART VI, SECTION A, LINE 7A THE CITY MANAGER FOR THE CITY OF DALLAS HAS THE AUTHORITY TO APPOINT THE CLASS I MEMBERS OF THE GOVERNING BOARD AND CITY COUNCIL MUST CONFIRM THE MEMBERS. CLASS II MEMBERS ARE ELECTED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 8B NOT APPLICABLE FORM 990, PART VI, SECTION B, LINE 11B SB FRIEDMAN, CONSULTANTS TO DDF, WILL REVIEW FORM 990 AFTER IT IS PREPARED BY COHNREZNICK. THEN, HEATHER LEPESKA AT THE CITY OF DALLAS WILL REVIEW THE FORM 990 BEFORE FILING. FINALLY, THE FORM WILL BE PROVIDED TO DDF'S PRESIDENT, DREXELL OWUSU, FOR HIS REIVEW AND FINAL APPROVAL BEFORE EXECUTION AND FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S GOVERNING BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ANNUALLY WITH ATTORNEYS FROM THE CITY OF DALLAS. BOARD MEMBERS MAKE A CONCERTED EFFORT TO REVIEW PIPELINE PROJECTS PRIOR TO MEETINGS TO AVOID POTENTIAL CONFLICTS OR APPEARANCES OF IMPROPRIETY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONS DOCUMENTS ARE AVAILABLE TO THE PUBLIC DURING REGULAR BUSINESS HOURS. FORM 990, PART IX, LINE 11G REAL ESTATE & DEVELOP CONSULT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 283,149. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 283,149. FORM 990, PART XII LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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